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Business > Theme 1 key terms > Flashcards

Theme 1 key terms Flashcards

1
Q

marketing mix

A

plan for getting the right blend of product, price and promotion

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2
Q

market segmentation

A

dividing a market up by characteristics of the consumers to find areas that are unserved

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3
Q

marketing objectives

A

targets marketing department must achieve

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4
Q

marketing strategy

A

medium to long term plan for meeting the marketing objectives delivered through the marketing mix

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5
Q

economies of scale

A

factors that cause cost per unit to fall when a firm operates at a higher level of production

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6
Q

franchise

A

businesses that sell the rights to the use of its name and trading level of production

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7
Q

generic brands

A

brands that are so well known that customers say the brand when they mean the product

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8
Q

product differentiation

A

the event to which consumers perceive your brand as being different from others

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9
Q

bias

A

a factor that causes research findings to be unrepresentative of the whole population

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10
Q

primary research

A

first-hand info

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11
Q

secondary research

A

pre-gathered info

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12
Q

sample size

A

no of people interviewed

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13
Q

market map

A

grid plotting where each existing brand sits on scales based on 2 important features of the market

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14
Q

price elasticity

A

the extent to which a products demand changes when its price is changed

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15
Q

USP

A

a consumer benefit that no rival can beat

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16
Q

complementary goods

A

bought in conjunction with each other

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17
Q

inferior goods

A

sales decrease when people are better off

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18
Q

luxury goods

A

sales increase when people are better off

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19
Q

normal goods

A

sales move in line with consumer incomes

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20
Q

seasonal variation

A

change in the value of a variable thats related to seasons

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21
Q

substitutes

A

products or services in competition with each other therefore customers will substitute one for the other

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22
Q

market price

A

price of a product that has been established by the market, where supply = demand

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23
Q

supply chain

A

suppliers - production and storage - customer

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24
Q

supply curve

A

line showing the quantity of goods firms want to supply at different price levels

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25
Q

commodity markets

A

cover undifferentiated products - every kilo is the same

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26
Q

demand curve

A

a lone showing the demand for a product at different prices

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27
Q

external constraint

A

something outside of the firms control that can prevent it from achieving its objectives

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28
Q

predatory pricing

A

pricing low with the intention o driving a competitor out of business

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29
Q

price-elastic

A

product with demand thats highly price sensitive >1

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30
Q

price-inelastic

A

product with demand thats not price sensitive <1

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31
Q

negative income elasticity

A

product where when people are better off sales decrease

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32
Q

positive income elasticity

A

sakes increase when people are better off

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33
Q

recession

A

2 or more quarters of negative economic growth

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34
Q

prototype

A

test model of planned design

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35
Q

sustainability

A

making something using materials that will still be around for future generations

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36
Q

capacity utilisation

A

measures the actual usage of facilities as a percentage of max possible

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37
Q

corporate brands

A

brands that represents the whole company as well as its products

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38
Q

crowd funding

A

obtaining external finance from many individual small business investors, usually through a web based appeal

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39
Q

loss leader

A

pricing a product below cost in order to attract further profitable business

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40
Q

price sensitive

A

when customers demand for a product reacts sharply to a price change

41
Q

pricing tactics

A

short-term pricing responses to opportunities

42
Q

barrier to entry

A

factors making it hard for new firms to break into an existing market

43
Q

e-commerce

A

buying things online

44
Q

impulse purchase

A

buying in an unplanned way

45
Q

opportunity costs

A

cost of missing out on the next best alternative when making a decision

46
Q

wholesaler

A

middleman between producer and retailer

47
Q

cash cow

A

high share of a low growth market

48
Q

dog

A

low share go a low growth market

49
Q

portfolio analysis

A

analysis of market position of the firms existing products

50
Q

problem child

A

low share of a high growing market

51
Q

rising star

A

high share of a high growing market

52
Q

labour turnover

A

no of staff leaving a company as a percentage of the no employed

53
Q

outsourcing

A

taking a task and putting it out to a tender

54
Q

zero-hours contract

A

agree employee duties and hourly pay rates, yet offer no garuntee of any work in any specific week

55
Q

hot desk

A

provides a temporary desk for home-workers to use when they come to the main office

56
Q

off-the-job training

A

employees leave their normal place of work in order to receive instruction

57
Q

on-the-job training

A

employees acquire or develop skills without leaving their usual place of work

58
Q

delayering

A

removing a management layer from the original structure

59
Q

line manager

A

manager responsible for meeting specific targets and responsible got specific tasks

60
Q

matrix structure

A

staff work in project teams in addition to their responsibilities within their own department and therefore can be answerable to more than one boss

61
Q

span of control

A

no. of staff who are answerable directly to a manager

62
Q

division of labour

A

subdividing a task into a number of activities, enabling workers to specialise

63
Q

hygiene factors

A

everything that surrounds what you do in the job egPay are possible causes of dissatisfaction according to Hertzberg

64
Q

job satisfaction

A

sense of wellbeing and achievement that stems from a satisfying job

65
Q

piece rate

A

paying workers per piece they produce

66
Q

productivity

A

output per person

67
Q

trade union

A

organisation that represents interests of staff at the workplace

68
Q

kaizen

A

continuous improvement usually achieved by workforce engagement and involvement

69
Q

quality circles

A

discussion groups for staff recommending solutions to management

70
Q

entrepreneur

A

someone who makes a business idea happen - a risk taker

71
Q

limited liability

A

not liable

72
Q

unlimited liability

A

are liable

73
Q

liquidity

A

ability of a firm to pay its bills on time

74
Q

overtrading

A

when a business expands at a rate that cant be sustained

75
Q

dynamic markets

A

change rapidly

76
Q

stable markets

A

change slowly

77
Q

product orientation

A

plays to the strengths of a business

78
Q

market orientation

A

focus on customer needs

79
Q

undiversified demand

A

putting all your eggs in one basket

80
Q

real income

A

change in income excluding the effects of inflation

81
Q

ESF

A

ethical sourcing forum

82
Q

branding

A

process of creating a distinctive and lasting identity in the minds of consumers

83
Q

individual brands

A

associate the identity with one product eg marmite

84
Q

brand families

A

associate the identity with a range of products

85
Q

corporate brands

A

range of products BUT might not be the main identity

86
Q

above the line promotion

A

promotion that cant be controlled by company eg TV

87
Q

bellow the line promotion

A

promotion that can be controlled by company eg sponsorship

88
Q

penetration price

A

low price set to break into market

89
Q

skimming price

A

high price set to yield a high profit margin (has USP)

90
Q

price leader

A

large company that sets market price that price takers follow

91
Q

price takers

A

small business with no obvious differentiation will have to charge market price

92
Q

psychological pricing

A

prices are set to give the impression of value

93
Q

product lifecycle

A

show sales of a product over time

94
Q

extension strategies

A

aim to prevent decline

95
Q

redundancy

A

company/job

96
Q

dismissal

A

individual ‘gross misconduct’

97
Q

collective bargaining

A

representative of workforce negotiations pay

98
Q

individual bargaining

A

single employee negotiations pay with management

99
Q

trafe off

A

accepting less of one thing to achieve another

Business (6 decks)

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